Optus 1QFY21 and Vocus FY20 earnings update: revenues fall amidst a declining telco market

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Optus 1QFY21 and Vocus FY20 earnings update: revenues fall amidst a declining telco market

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Optus 1QFY21 and Vocus FY20 earnings update: revenues fall amidst a declining telco market
Both Optus’ and Vocus’ revenues were impacted by COVID-19. Both operators saw mobile revenues decline in the last quarter, as consumers relied more on fixed broadband while working from home. Pre-COVID-19, we noted rising pressure on mobile ARPUs due to competition and increased consumer interest in cheaper plans. We forecast that COVID-19 would exacerbate these pressures, and this has been validated by Vocus’, Optus’ and Telstra’s results this week.

Contents

Key Takeaways

Optus 1QFY21 earnings update

  • Mobile
  • Fixed
  • Enterprise
  • Optus 5G
  • Optus Sport

Vocus FY20 update

  • Enterprise, Wholesale and Government (Vocus Networks)
  • Consumer (Vocus Retail)
  • New Zealand

Our take

List of charts/tables

Figure 1.  1QFY21 Optus consumer key financials (A$mn)

Figure 2. Operating and financial metrics – Optus Mobile

Figure 3. Operating metrics – Optus fixed broadband subscriptions

Figure 4. FY20 Vocus key financials (A$mn)

Figure 5. Vocus Networks key financials (A$mn)

Figure 6. Consumer financials and SIOs (A$mn and ‘000 where applicable)

Figure 7. New Zealand financials and SIOs (NZ$mn)